Scots law. See Law, No clix.
1—3.
the law of England, has two significations; the one of which is an estate left, which continues during a particular estate in being; and the other is the returning of the land, &c. after the particular estate is ended; and it is further said to be an interest in lands, when the possession of it fails, or where the estate which was for a time parted with, returns to the grantees, or their heirs. But, according to the usual definition of a reversion, it is the residue of an estate left in the grantor, after a particular estate granted away ceases, continuing in the grantor of such an estate.
The difference between a remainder and a reversion consists in this, that the remainder may belong to any man except the grantor; whereas the reversion returns to him who conveyed the lands, &c.
In order to render the doctrine of reversions easy, we shall give the following table; which shows the present value of one pound, to be received at the end of any number of years not exceeding 40; discounting at the rate of 5, 4, and 3 per cent. compound interest.
| Value at 5 per ct. | Value at 4 per ct. | Value at 3 per ct. | |-------------------|-------------------|-------------------| | 1 | 0.9524 | 0.9615 | 0.9709 | | 2 | 0.9070 | 0.9245 | 0.9426 | | 3 | 0.8638 | 0.8808 | 0.9151 | | 4 | 0.8227 | 0.8548 | 0.8885 | | 5 | 0.7835 | 0.8219 | 0.8626 | | 6 | 0.7462 | 0.7903 | 0.8375 | | 7 | 0.7107 | 0.7599 | 0.8131 | | 8 | 0.6768 | 0.7307 | 0.7894 | | 9 | 0.6446 | 0.7026 | 0.7664 | | 10 | 0.6139 | 0.6756 | 0.7441 | | 11 | 0.5847 | 0.6496 | 0.7224 | | 12 | 0.5568 | 0.6246 | 0.7014 | | 13 | 0.5303 | 0.6006 | 0.6809 | | 14 | 0.5051 | 0.5775 | 0.6611 | | 15 | 0.4810 | 0.5553 | 0.6419 | | 16 | 0.4581 | 0.5339 | 0.6232 | | 17 | 0.4363 | 0.5134 | 0.6050 | | 18 | 0.4155 | 0.4936 | 0.5874 | | 19 | 0.3957 | 0.4746 | 0.5703 | | 20 | 0.3769 | 0.4564 | 0.5537 | | 21 | 0.3589 | 0.4388 | 0.5375 | | 22 | 0.3418 | 0.4219 | 0.5219 | | 23 | 0.3255 | 0.4057 | 0.5067 | | 24 | 0.3100 | 0.3901 | 0.4919 | | 25 | 0.2953 | 0.3757 | 0.4776 | | 26 | 0.2812 | 0.3607 | 0.4637 | | 27 | 0.2678 | 0.3468 | 0.4502 | | 28 | 0.2551 | 0.3335 | 0.4371 | | 29 | 0.2429 | 0.3206 | 0.4243 | | 30 | 0.2314 | 0.3003 | 0.4120 | | 31 | 0.2204 | 0.2905 | 0.4000 | | 32 | 0.2099 | 0.2811 | 0.3883 | | 33 | 0.1999 | 0.2741 | 0.3770 | | 34 | 0.1903 | 0.2636 | 0.3660 | | 35 | 0.1813 | 0.2534 | 0.3554 | | 36 | 0.1726 | 0.2437 | 0.3450 | | 37 | 0.1644 | 0.2343 | 0.3350 | | 38 | 0.1566 | 0.2253 | 0.3252 | | 39 | 0.1491 | 0.2166 | 0.3158 | | 40 | 0.1420 | 0.2083 | 0.3066 |
The use of the preceding table.—To find the present value of any sum to be received at the end of a given term of years, discounting at the rate of 3, 4, or 5 per cent. compound interest. Find by the above table the present value of £1 to be received at the end of the given term; which multiply by the number of pounds proposed, (cutting off four figures from the product on account of the decimals), then the result will be the value sought: For example, the present value of 10,000. to be received 10 years hence, and the rate of interest 5 per cent. is equal to \(6139 \times 10,000 = 6139,000\). Again, the present value of 10,000l. due in ten years, the rate of interest being 3 per cent. is
\[7441 \times 10,000 = 7441.\]
**Reversion of Series**, in algebra, a kind of reversed operation of an infinite series. See **Series**.